Singapore legislation
Clause 8
Clause 8
Amendment of section 23
Section 23 of the principal Act is hereby amended by renumbering the section as subsection (1) thereof and by inserting immediately thereafter the following subsections: —“(2) No balance shall be added to and be deemed to form part of the corresponding allowance, if any, to be given to a company under subsection (1) of this section unless the Comptroller is satisfied that the shareholders of the company on the last day of the year in which the allowances arose were substantially the same as the shareholders of the company on the first day of the year of assessment in which such allowances would otherwise be available under this section and such a balance shall not be allowed in any subsequent year of assessment.(3) For the purpose of subsection (2) of this section —
the shareholders of a company at any date shall not be deemed to be substantially the same as the shareholders at any other date unless, on both those dates, not less than fifty per cent of the paid-up capital of the company was held by or on behalf of the same persons, nor unless, on both those dates, not less than fifty per cent of the nominal value of the allotted shares in the company were held by or on behalf of the same persons; and
shares in a company held by or on behalf of another company shall be deemed to be held by the shareholders of the last-mentioned company, and shares held by or on behalf of the trustee of the estate of a deceased shareholder or by or on behalf of the person entitled to those shares as beneficiaries under the will or any intestacy of a deceased shareholder shall be deemed to be held by that deceased shareholder.”.